Business

Potraz intensifies consumer awareness campaigns 10 September 2018 HARARE - The Postal and Telecommunications Regulatory Authority of Zimbabwe has increased visibility in most rural areas, after canvassing the country's 10 provinces, teaching mobile network providers' consumers on their rights. The telecommunications regulatory authority invaded the Midlands ...
ZimTrade names Majuru new chief executive 10 September 2018 HARARE - Zimbabwe Trade (ZimTrade) has appointed Allan Tawanda Majuru as the new chief executive officer (CEO). A holder of a Master of Science degree in Agricultural Applied Economics and a Bachelor of Science Honours in Agricultural Economics and Extension from the University of Pretoria and...
Address multi-tier exchange rate system: Zamfi 8 September 2018 HARARE - The multi-tier exchange rate system is negatively affecting the pricing system of both goods and services, the Zimbabwe Association of Microfinance Institutions (Zamfi) has said. In its microfinance sector performance report for the first half of this year, Zamfi said the multi-tier e...
Zimoco launches Mercedes Benz Actros 8 September 2018 HARARE - Zimoco, Zimbabwe’s sole Mercedes Benz dealer, has unveiled one of the world’s most efficient long-haul trucks — the new Actros. The new vehicle, which was released to the Zimbabwean market last week, has already achieved a fuel saving of up to seven percent.  The new Actros was lau...
NetOne launches new promotion 8 September 2018 HARARE - NetOne says digital payments play a critical role in creating opportunities for people to improve their lives and participate in their economies. As such, the government-owned mobile telecommunications company said it will continue to roll out products — through its OneMoney platform ...
Boost for Zim coffee production 7 September 2018 HARARE - South Africa's Nespresso yesterday announced a long-term investment plan to revive Zimbabwe's coffee industry and stimulate the rural economy. The company — a world leader in coffee machines, capsules and coffee accessories — will provide training and technical assistance to 400 small...
Econet, TelOne comply with directive 7 September 2018 HARARE - The country's largest mobile cellular operator, Econet Wireless Zimbabwe (EWZ), along with TelOne, have complied with a directive issued by the Postal and Telecommunications Regulatory Authority (Potraz). Potraz had written to industry operators directing them to comply with Section 3...
ZSE swings into the red 6 September 2018 HARARE - The Zimbabwe Stock Exchange (ZSE) swung into the red in Tuesday's trades as three benchmark indices slid after Monday's gains. In its analysis on Tuesday's trade, EFE Securities said all of the bourse's benchmark closed lower while the Mining Index marginally rose. “The primary All...
POSB to establish exporters' credit facility 6 September 2018 HARARE - The People’s Own Savings Bank (POSB) says it will soon unveil a $10 million line of credit aimed at assisting exporters to secure foreign currency. A persistent trade deficit has plunged Zimbabwe into a serious foreign currency shortage, which, among other factors, has created difficu...
Govt injects $150m into IDBZ 5 September 2018 HARARE - The Infrastructural Development Bank of Zimbabwe (IDBZ) yesterday said government has injected an additional $150 million fresh capital into the financial institution. Industry experts said the recapitalisation of State banks is a significant change from the drip-feed approach pursued...
African Sun in massive profit growth 5 September 2018 HARARE - African Sun says its profit surged 1 536 percent to $3,11 million during the half year ended June 30, 2018 from $191 240 in the  same period last year, driven by an increase in tourist arrivals from key source markets. The listed hotels and leisure chain's revenue was up 29 percent to...
Zim Council of Tourism rebrands 5 September 2018 MUTARE - Zimbabwe Council of Tourism (ZCT) has rebranded to Tourism Business Council of Zimbabwe (TBCZ) as this will help communicate that they are the voice of the businesses in travel and tourism. TBCZ president Tich Hwingwiri who announced the rebranding at a media briefing last Thursday, a...
Edgars in discussions that may impact share value 5 September 2018 HARARE - Edgars Stores (Edgars) says it is engaged in discussions with an unnamed investor in a deal that may impact value of the company’s shares. Buhlebenkosi Mpofu, the clothing retailer’ company secretary, yesterday advised shareholders in a statement to be cautious on the local stock mark...
Zim employees urged to prioritise pensions 3 September 2018 HARARE - Zimbabwean employees should prioritise pension contributions to safeguard their lives during retirement, industry experts have said. Most employees in the southern African nation are sceptical to contribute towards private pension funds after claim contributions were wiped by inflatio...
Stanbic records $16m profit 31 August 2018 HARARE - Stanbic Bank Zimbabwe (Stanbic) yesterday said its profit after tax increased by 28 percent to $16,4 million in the half year to June 30, 2018 due to increases in interest income and non-interest income. The bank's interest income increased by 27 percent to reach $32,6 million from $2...
NMBZ records $11,8m profits 30 August 2018 HARARE - NMBZ Holdings says it recorded a profit before tax of $11,8 million for the half-year ended June 30, 2018, resulting in total comprehensive income of $9 086 483. This was an increase of 155 percent compared to the same period last year, when comprehensive income stood at $3 556 915. T...
Econet launches EcoFarmer Club 30 August 2018 HARARE - Econet Wireless has launched the EcoFarmer Club which offers farmers access to a rich bundle of services that include agricultural commodity prices, valuable farming tips, relevant local weather information and a mobile trading platform which links farmers to buyers. Speaking at the l...
Trade deficit reaches $1,5 billion 29 August 2018 HARARE - Zimbabwe's cumulative trade deficit for the six months to July has reached $1,5 billion, latest trade data shows. Over the years, the country has persistently held an annual trade deficit of $3 billion on the back of falling industrial competitiveness. Latest figures released by th...
POSB records $8m profit 29 August 2018 HARARE - The People’s Own Savings Bank (POSB) yesterday said its net profit surged by 111 percent to $8,11 million in the half year to June 30, 2018 due to an increase in interest income. Interest income increased by 27 percent to reach $8,43 million from $6,62 million during the same period. ...
FBC income on upward trend 28 August 2018 HARARE - FBC Holdings (FBC) will this year record a surge in interest income and commissions following an 18 percent rise in interest income in the first half, a local equities group has said. Highlighting that the group’s income was set to maintain its upward trajectory on account of the inve...
Zimra descends on tax defaulters 28 August 2018 HARARE - The Zimbabwe Revenue Authority (Zimra) has launched an operation targeting companies and individuals that have defaulted on their tax obligations. This comes as the national tax collector’s July gross collections increased by 20,80 percent to $406,13 million from its monthly target of...
Potraz establishes 147 community centres 27 August 2018 HARARE - The Postal and Telecommunications Authority of Zimbabwe (Potraz) says it has to date trained over 9 000 people in information communication technology (ICT) efficiency after setting up 146 Community Information Centres (CICs) around the country. The move is aimed at improving ICT pene...
Potraz records $13,5m profit 24 August 2018 HARARE - Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) yesterday said it recorded a $13,5 million surplus position in the year to December 2017, after collecting $31,9 million in revenue. Ozias Bvute, the industry regulator's chairperson, said the organisation weather...
Foreign investors grab FMHL and Old Mutual shares 24 August 2018 HARARE - Foreign investors were net buyers of $300 000 worth of shares on the local bourse during the week ending August 10 according figures released by the Zimbabwe Stock Exchange (ZSE). According to ZSE, foreign purchases accounted for $4,3 million worth of shares while sales amounted to $4...
Efforts to revive flower industry 23 August 2018 HARARE - Zimbabwe is seeking to revive the flower industry decimated by the land reform programme with plans to put 1 000 hectares of cut flowers under plantation. Under former president Robert Mugabe, authorities carried out often violent seizures of white-owned farms in a bid to address what...